j'adoube

Convertibles Strategies - An Interview with John Calamos

Thanks Andrew, nice interview.

However, woefully short (to the point of absence) on any specific recommendations, or even sectors or types of converts that are particularly cheap.

And JC's reference to how cheap converts are right now is a bit muddled. On the one hand, he says that they are the cheapest ever. On the other hand, he says that they were 11%-12% below fair value at year-end '08, and valuations have "improved" since then.

Does that mean they've gotten even cheaper? Or less cheap? Not sure what he means by improved valuations. In any event, is 11% below FV really an all-time cheap valuation?